Soybeans Drop on Turnaround Tuesday Weakness

Soybeans closed out the Turnround Tuesday session with contracts steady to 11 ¾ cents in the red, as some bear spreading was apparent with the nearbys down the most. Soymeal futures  were down 20 cents to $2.30/ton in the front months and 10 to 60 cents higher in the deferreds. Soy Oil was down 23 to 51 points on the day.

NASS data showed the ECB states above normal planting pace, with IL (2%), IN (+3%), and OH (+6%) all ahead of average pace and seeing relatively dry conditions for the next couple days. The WCB was lagging behind, with IA (-6%), NE (-6%), SD (-3%), and MN (-1%) all shy of the average pace. Rains overnight across most of those states likely put planting on hold for a few more days. 

Chinese customs data shows more than 8 MMT of soybeans imported in April, the majority from Brazil. There were reports that China purchased a few cargos out of the PNW for July shipment.

Jul 24 Soybeans  closed at $12.36 1/4, down 11 3/4 cents,

Nearby Cash  was $11.75 1/4, down 11 1/4 cents,

Aug 24 Soybeans  closed at $12.34, down 9 cents,

Nov 24 Soybeans  closed at $12.13, down 3 3/4 cents,

New Crop Cash  was $11.57 5/8, down 3 5/8 cents,

On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.